Deals: The Fords in India’s Future

In our M&A Roundup for the week ended March 30, there's still a pulse if one looks at certain markets — not just Indian firm Tata Motors buying Jaguar and Land Rover, but also in a credit-card deal and a blank-check acquisition.

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Last week’s biggest North American deals reflected one each from the liveliest areas of an otherwise moribund market: An acquisition from India; a hedge-fund deal tied to basic commodities; a purchase in the credit-card arena; and an acquisition by a so-called blank-check company.

Atop the top 10 deals for the week ended Saturday was Mumbai-based Tata Motors Ltd.’s $2.3-billion agreement to buy the Jaguar and Land Rover automotive liens from Ford Motor Co. It was followed by ConAgra Foods Inc.’s $2.1-billion sale of its trade group, a supplier of agricultural food products, along with trading and merchandising operations, to Ospraie Special Opportunities Fund, a New York-based hedge fund.

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The other two deals topping $1 billion were American Express Co.’s purchase GE Money’s corporate services division of GE Money Home Finance ltd., and the purchase of London-based Global Ship Lease Inc. by Marathon Acquisitioin Corp., according to data provided to CFO.com by mergermarket. Marathan is a New York-based special purpose acquisition company, or SPAC — the type of operation that also goes by the name of blank-check company, because it is designed purely as an acquisition shell without other businesses.

The value of last week’s dealmaking plunged to $4.85 billion from the prior week’s $18.76 billion, though it was largely a quirk of the statistical compilation. The same number of North American deals was struck in both weeks – 29 – however in the most recent week the Jaguar deal and several other larger deals involved a target outside North America. The value tally excludes any acquired business outside North America.

For the year to date, 779 M&A agreements have been made, totaling $115.91 billion, still substantially below the $381.93 billion during the same period of a record first half in 2007, when 1,188 deals were struck.

New York-based American Express, the provider of credit payment card products, and travel-related services, agreed to pay cash for the GE Money’s corporate payment services division, based in Stamford, Conn. GE Money is part of GE Money Home Finance, based in London, which provides financial related products and services. The transaction is expected to close by the end of March.Seller financial advisor: Goldman SachsBidder financial advisor: UBSSeller legal advisor: Sidley Austin Brown & WoodBidder legal advisor: Cleary Gottlieb Steen & Hamilton

L-1 Identity Solutions Inc. to buy the Secure ID Systems business of Digimarc Corp. for $250 million

Stamford, Conn.-baed L-1 Identity Solutions, which provides identity solutions to governments, law enforcement agencies, and businesses, agreed to pay cash and stock acquire the ID Systems business of Digimarc Corporation, the listed Beaverton, OR based supplier of secure media solutions used in a wide range of security, identification and digital media content applications, for a cash and equity consideration of approximately $250m. The deal is expected to close in the second half of 2008.Seller financial advisor: Imperial Capital BankBidder financial advisor: Jefferies GroupSeller legal advisor: Latham & WatkinsBidder legal advisor: Weil, Gotshal & Manges

Calgary, Alberta-based ENMAX is an energy company and subsidiary of ENMAX Energy Corp., a retailer of electricity. It agreed to acquire Calgary-based Kettles Hill Wind Energy Inc., the operator of Windpower, from Calgary-based Creststreet Kettles Hill Windpower, a generator and operator of electricity. The price includes debt, and the transaction is expected to close by end of May.Seller financial advisor: Blair Franklin Capital PartnersBidder financial advisor: InternalSeller legal advisor: McCarthy TétraultBidder legal advisor: Fraser Milner Casgrain

Bonneville International Corp. to buy KRBV-FM from Radio One Inc. for $138 million

Salt Lake City-based Bonneville, a diversified media company with television, radio, broadcasting, advertising, and satellite operations, agreed to acquire Los Angeles radio station KRBV-FM from Radio One, based in Lanham, Md., a radio broadcasting company. The transaction is expected to close in the second quarter.Seller financial advisor: RothschildBidder financial advisor: LazardSeller legal advisor: Wiley ReinBidder legal advisor: Kirton & McConkie P.C; Jones Waldo

Good Samaritan Hospital to buy Dayton Heart Hospital from MedCath Corp. for $55 million

West Palm Beach, Fla.-based Good Samaritan, a medical centre operator, agreed to acquire Dayton Heart Hospital, an Ohio hospital providing treatment of diagnosis and cardiovascular disease. The seller, Charlotte-based MedCath, is a hospital operator specializing in diagnosis and treatment of cardiovascular disease. The transaction is expected to close on May 16.Seller financial advisor: Not DisclosedBidder financial advisor: Not availableSeller legal advisor: Not DisclosedBidder legal advisor: Not available